U.S. banks collaborate with Circle for Initial Public Offering (IPO) scheduled in April
Getting ready for the hotly-anticipated April IPO, Circle, the issuer of the USDC stablecoin, has some heavy hitters by its side, including Citi Bank and JPMorgan Chase. According to Fortune's sources, Circle is planning to submit IPO documentation to the SEC by the end of April.
After a temporary setback in 2022 when the FTX collapse put the brakes on the company's IPO plans, Circle made another move in January 2024 to take things public in a standard IPO. This could potentially be the largest cryptocurrency-related public offering since Coinbase's debut in 2021, with JPMorgan Chase and Citi Bank onboard as seasoned partners, given their role in advising Coinbase during its public offering.
Circle's USDC stablecoin, pegged 1:1 to the US dollar, is among the most popular digital currencies out there. With a market cap exceeding $53 billion, USDC ranks as the second-largest stablecoin, just a slight step behind Tether's USDT, which boasts a market cap near $140 billion.
Jeremy Allaire, Circle's CEO, has been vocal about the impact of dollar-pegged stablecoins in the global economy. In December, he emphasized how stablecoins could strengthen the US dollar's international standing, and pointed out the resistance some countries have toward the dollar's dominance. He believes that stablecoins, as digital alternatives to traditional dollars, can play a significant role in bolstering the US dollar on the global stage.
As Circle prepares for its IPO, the backing of major financial institutions and its established position in the stablecoin market could provide some serious momentum. The outcome of this IPO will likely have a big impact on the future of cryptocurrency firms looking to enter the public markets.
Fun Fact: Curious about the IPO timeline? Circle originally filed confidential IPO paperwork with the SEC in January 2024 and submitted a public S-1 filing on April 1, 2025, with an initial target of listing on the New York Stock Exchange in late April/early May 2025. However, recent reports suggest a revised target of June 2025, contingent upon SEC approval and market conditions. If Circle manages to reach its $8B+ valuation target, it could pave the way for a wave of crypto IPOs. [ sources ]
In 2024, Circle, the startup known for issuing the popular USDC stablecoin, aimed to take its venture public with the help of seasoned partners such as Citi Bank and JPMorgan Chase. This potential IPO could mark the largest cryptocurrency-related public offering since Coinbase's debut, surpassing a $8B+ valuation target. Given its strong market position as the second most popular stablecoin, with a market cap of over $53 billion behind USDT, the outcome of Circle's IPO may significantly influence future cryptocurrency firms intending to enter the public markets. [ sources ]
